TRADERS GRUDGE OVER N2M FG LOAN

Traders in Aba, the commercial hub of Abia State have shown displeasure over the N2 million loan said to have been extended to them at the instance of the Federal Government, saying the amount was too meager.

President of National Traders and Market Leaders Council of Nigeria (NATMALC), Chief Adenike Lawal had arrived Aba on Sunday evening to inform the traders of the soft loan which she said was facilitated by the presidency.

She said the Federal Government had already released N74 milion as a take off for the one per cent interest loan to be administered by the Bank of Industry, Agric Credit Bank and NEPAD for the 36 states and Abuja.

She said for any trader to access the loan which she stated was available for disbursement; he or she must be a registered member of the association and must be willing to repay the loan in 10 months.

Hardly had she mentioned the amount due for each state than the over 200 traders who had thronged the venue of the meeting with high expectations, started to grumble, saying repeatedly that the money was too meager, not even when Lawal told them the Abia State government would up the amount to N10 million would assuage the traders.

A spokesman for the traders, Madunagu Gregory said the N2 million loan from the Federal Government was too small for traders in Abia, stressing that even if the state government augments the amount to N10 million, it would not still go anywhere.

According to him, 'the N2 million or N10 million as the case may be was too meager to be given as loan to the traders in Abia. I as an individual, if I were given free hand, I will not apply for any amount less than N15 million.

'Most of the traders you see inside that hall, control substantial amount of money, so such meager amount as loan would not in any way help their business.' He stressed the need for the Federal Government to release more funds to make the loan to the traders meaningful.

However, one of the leaders of the traders association, Alhaji Musa Iheakaram, said what was important should not be how much Abia State received, but that traders from the area were for the first time recognized in the disbursement of such loans.

He appealed for unity of purpose among the various traders' union and support governments at all levels across the country, while the next disbursement which had been promised the traders would be something substantial.